Optimise-AI, winner of the Wales Technology Awards 2024, has secured a significant six-figure investment to optimise energy management.
The round was led with equity of £300,000 from the Development Bank of Wales alongside £320,000 from seven angel investors and £120,000 from co-investors Carbon13.
Established in 2023 by Prof Yacine Rezgui as lead inventor and chief executive Nick Tune, former global technical engineering director at ATKINSRealis and Commissioner for the National Infrastructure in Wales, Optimise-AI is a spinout of Cardiff University.
It has developed AI software to optimise energy and carbon management of non-domestic buildings. Optimise-AI was selected by Carbon13 to take part in its venture building programme for startups that are changing the trajectory of climate change.
The US-patented technology provides building owners and managers with easy-to-understand actionable insights into their operational energy and carbon emissions, that they would not typically have access to, even if all they have is an energy meter within the building.
Recent projects include the implementation of cutting-edge intelligent performance management systems for The Maltings in Cardiff, and with the support of the Connect Places Catapult, Luton Airport plus several railway stations including Bristol Temple Meads.
Optimise-AI has also recently set up a partnership with University of Wales, Trinity St David to minimise their buildings energy and carbon emissions.
“Energy costs have risen over 350% since 2021 and carbon emissions from buildings need to reduce by 50% by 2030 but almost 90% of non-domestic buildings don’t have a building management system. This lack of data is hindering the ability to reduce energy costs and carbon emissions,” said Tune.
“That’s why we are on a mission to revolutionise building energy management. We believe that our cutting-edge technology could save over 10Mt of carbon emissions as it facilitates predictive and proactive energy management, drives operational efficiency, reduces energy consumption, and advances sustainability goals in the millions of data poor buildings that aren’t currently being actively managed.
“The equity investment by the Development Bank and the support of Carbon13 and our business angels means that we can now transfer the IP from Cardiff University and drive the commercialisation of Optimise-AI as a solution for addressing the climate emergency. Together, we’re helping to create a more globally responsible Wales.”